Social media can now be used to disclose info under Truth in Lending Act

The Philippine central bank’s monetary board now allows the use of educational videos and social media for the disclosure of relevant information under the Truth in Lending Act.

The central bank said the enhanced law aims to encourage financial institutions that it supervises to be more creative, efficient and effective in disseminating important information, particularly on the cost of credit granted by these institutions.

The enhanced disclosure requirement, which also emphasizes the importance of adherence to consumer protection standards and social media risk management guidelines, is now applicable to banks, quasi-banks, non-stock savings and loan associations, pawnshops, non-bank financial institutions and banks/non-banks operating as credit card issuers.

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